Anti-Financial Crime & Financial Crime Compliance
Regulatory Intelligence Leadership | Insight | Network

Financial Services, UK

NEWS: UK’s Hunt says will change law to stop political ‘debanking’

Premium October 2, 2023

EDINBURGH REVIEW: Britain's Chancellor Jeremy Hunt likely to have to review 'Edinburgh Review' light touch regulations following SVB collapse.

Premium

LATEST: Croatia, Cyprus and Lithuania get upgraded ratings after tightening AML measures

BREAKING: TD Bank’s nightmare FCC week as Canada’s AML watchdog fines lender $6.7M over STR failures

 Premium

INSIGHT: How Balkan gangsters became Europe’s top cocaine suppliers

By Alistair Smout

British finance minister Jeremy Hunt said on Monday he would tighten banking rules to make sure customers could not have their accounts closed just because others disagree with their political views.

The practice known as “debanking” became a political issue after former Brexit Party leader Nigel Farage said his account at private bank Coutts, part of NatWest, had been closed due to his political positions.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!

View subscription optionsIf you have an account, log in
Premium

LATEST: Croatia, Cyprus and Lithuania get upgraded ratings after tightening AML measures

BREAKING: TD Bank’s nightmare FCC week as Canada’s AML watchdog fines lender $6.7M over STR failures

 Premium

INSIGHT: How Balkan gangsters became Europe’s top cocaine suppliers

Regulatory Watch News

  • Leader of Massive Scheme to Traffic in Fraudulent and Counterfeit Cisco Networking Equipment Sentenced to Prison

    US Department of Justice

    A Florida resident and dual citizen of the United States and Turkey was sentenced yesterday to six years and six months in prison for running an enormous operation over many years to traffic in fraudulent and counterfeit Cisco networking equipment. Under the terms of the plea agreement, Onur Aksoy, 40, of Miami, agreed to pay restitution of $100 million to Cisco and amounts to other victims that will be determined by the court at a later date, and to permit destruction of millions of dollars of counterfeit goods seized from his businesses.

  • Treasury Targets Sanctions Evaders Supporting Key Hizballah Financial Advisor

    OFAC

    WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated five individuals for helping U.S.-designated Hizballah money exchanger Hassan Moukalled (Moukalled) and his company, CTEX Exchange, evade sanctions and facilitate illicit activities in support of Hizballah. These individuals, including two co-founders of CTEX Exchange and two of Moukalled’s sons, operate two companies in Lebanon and the United Arab Emirates (UAE) that are being concurrently designated. Individuals and entities targeted today are being designated pursuant to Executive Order (E.O.) 13224, as amended, which targets terrorist groups, their supporters, and those who aid acts of terrorism.

  • FINTRAC imposes an administrative monetary penalty on The Toronto-Dominion Bank

    FINTRAC

    FINTRAC announced today that it has imposed an administrative monetary penalty on The Toronto-Dominion Bank. Following a compliance examination in 2023, this bank in Toronto, Ontario, was imposed an administrative monetary penalty of $9,185,000 on April 9, 2024, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Sign Up To Our Newsletter

Categories

Archived articles

Contact Us